Gold advanced to $1575 an ounce and the yen gained on increased risk-haven trades. The USDJPY retreated after trading above the 110 mark.
WTI crude held ground above the $51 a barrel, however, although the US stockpiles increased 7.5 million barrels last week versus 3.1-million-barrel build expected by analysts and near 3.5-milllion-barrel rise printed over the past two weeks. Higher oil inventories, significant fall in oil demand mostly due to coronavirus impact and OPEC’s resistance to curb production earlier than in March should hit back sooner rather than later. We remain seller on advances for a settlement within $48/$50 area.